Home Equity Line Of Credit

A flexible way to go for many established home owners.

When you're ready to take the next step towards home ownership, we're ready to make it happen for you. It's quick. It's easy. It's secure.

CALGARY'S TOP MORTGAGE BROKERS

A home equity line of credit (also called a HELOC) provides maximum flexibility at a low interest rate. This is a loan in which the lender agrees to lend a maximum amount within an agreed period (called a term), where the collateral is the borrower's equity in his / her house (akin to a second mortgage).

Because a home often is a consumer's most valuable asset, many homeowners use home equity credit lines only for major items such as education, home improvements, or medical bills, as opposed to using a HELOC for day-to-day expenses.

HELOC abuse is often cited as one cause of the subprime mortgage crisis. Use the equity in your home for investments, renovations, or for the down-payment on a second home. Product Highlights:

  • Pay just the interest, or any amount of the principle balance, the choice is yours.
  • The interest rate is low – lower than an open fixed rate mortgage or unsecured loan.
  • A HELOC has no expiry date. The money is always available, even if you pay it off.

HELOCs are available for up to 80% of the value of your home. Please call the Mortgage Group to discuss a HELOC in more detail.

let'sget you started

When you team up with The Mortgage Group you're teaming up with the top mortgage broker in Calgary. This means we know how to make home ownership a reality for everyone! Here are 3 key things you should know.

1. credit rating

Your credit rating is a key indicator of your ability to make your mortgage payments. We'll show you where your credit rating needs to be, and how to bump it up.

2. down payment

There's no such thing as having too much money for your down payment so turn yourself into a great little saver. We'll tell you what you need to put down.

3. apply online

The next step to home ownership is to complete our online mortgage application so we can help you get pre-approved for the best rates. Let's get started!

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